Vail Resorts Reports Front Door Land Exchange Completed
VAIL, CO, April 27, 2006. Vail Resorts, Inc. stated today that its wholly-owned subsidiary, Vail Associates, operator of the Vail ski area, has completed the land exchange with the USDA Forest Service as part of the Company's proposed "Front Door" project near the Vista Bahn at the base of Vail Mountain. The land exchange involved the exchange of approximately 5.13 acres of Federal land for approximately 493 acres of non-Federal lands, both within the White River National Forest in Eagle County, Colorado. In a simultaneous and related closing, the Forest Service also received an additional approximately 120 acres from The Conservation Fund.
The closing of the land exchange followed the Forest Service decision, issued April 5, 2006, rejecting the appeal of the Forest Service's original decision approving the land exchange. The appeal was filed by Ms. Luanne Wells, a Vail property owner, and a California-based advocacy group/law firm. On April 21, 2006, Ms. Wells, as the only plaintiff, filed a complaint against the USDA Forest Service in federal district court for the district of Colorado further appealing the Forest Service decision to reject her appeal. The Company is not a named defendant in the lawsuit, which is pending. The complaint seeks reversal of the Forest Service's approval on the basis that the exchange parcel was undervalued or that limits should have been placed by the USDA Forest Service on the use of the exchange parcel to correlate with the approved appraised value.
"We are extremely pleased that we have completed the exchange with the Forest Service for the five-acre Federal parcel," said Rob Katz, CEO of Vail Resorts. "It allows us to proceed to the next steps in the Front Door project."
Marriott International, Inc. (NASDAQ: MAR) is a global leading lodging company based in Bethesda,Maryland, USA, with more than 4,200 properties in 80 countries and territories. Marriott International reported revenues of nearly $14 billion in fiscal year 2014. The company operates and franchises hotels and licenses vacation ownership resorts under 19 brands, including: The Ritz-Carlton®, BVlgari®, EDITION®, JW Marriott®, Autograph Collection® Hotels, Renaissance® Hotels, Marriott Hotels®, Delta Hotels and Resorts®, Marriott Executive Apartments®, Marriott Vacation Club®, Gaylord Hotels®, AC Hotels by Marriott®, Courtyard®, Residence Inn®, SpringHill Suites®, Fairfield Inn & Suites®, TownePlace Suites®, Protea Hotels® and MoxyHotels®. Marriott has been consistently recognized as a top employer and for its superior business ethics. The company also manages the award-winning guest loyalty program, Marriott Rewards® and The Ritz-Carlton Rewards® program, which together surpass 50 million members. For more information or reservations, please visit our website at 
